The Phillips curve depicts the relationship between
A. aggregate demand and aggregate expenditures.
B. output and the price level.
C. inflation and unemployment.
D. money supply and interest rates.
Answer: C
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Refer to the above figure. How do you describe what is happening as the economy moves from point A to point B?
A) The economy has acquired new resources that are well suited for producing wool. B) Land that was once used to grow wheat is now being used to graze sheep. C) The economy is producing more bread by choosing to produce less wool. D) The technology for growing wheat has improved.
If a consumer purchases only two goods (X and Y ) and the demand for X is elastic, then a rise in the price of X
a. will cause total spending on good Y to rise. b. will cause total spending on good Y to fall. c. will cause total spending on good Y to remain unchanged. d. will have an indeterminate effect on total spending on good Y.
Typically in countries with lower levels of real GDP person, a smaller percentage of the population is literate
a. True b. False Indicate whether the statement is true or false
Give an example of a sunk cost and describe how sunk costs should affect future actions.
What will be an ideal response?